The term business insurance refers to a set of insurance types that address commercial needs. These include property insurance, liability, worker’s compensation, commercial auto, and business continuity insurance.
While every business owner should carry some type of business insurance, typically the owners of business structures, office buildings, and storefront businesses purchase multiple policy types. A solopreneur who runs a home-based business might only take out a policy for their commercial vehicle or liability insurance if they have meetings at their home. A corporation might take out each type of business/commercial policy.
No one size fits all business policy exists. Typically, the business owner meets with an insurance agent to develop a custom policy that meets their needs. This could include all or any mix of the coverage types.
Five main types of business insurance exist. These are; professional liability insurance, property insurance, home-based businesses, product liability insurance, and vehicle insurance.
For any size business, the main benefit of business insurance is the guaranteed fiscal ability for the business to survive an accident or negative event. It reduces business risk and can make it easier for a company to obtain a bank loan or line of credit.
Secure the BEST